Armenian language translation of Milton Freedman's Capitalism and Freedom presented in Yerevan

Considered one of the most influential works of the second half of the 20th century, Capitalism and Freedom is still influencing economic and political decisions worldwide. More than a million copies have been sold to this day, and the book has been translated into 18 languages.

Many of the ideas and principles presented in the book, such as how to build one’s own economy, build an independent financial system, regulate relations between the state and the private sector and establish the rules of the game were crucial for its time and remain important and relevant today.

How can we benefit from the promise of government while avoiding the threat it poses to individual freedom? In this classic book, Milton Friedman provides the definitive statement of his immensely influential economic philosophy—one in which competitive capitalism serves as both a device for achieving economic freedom and a necessary condition for political freedom.

The Armenian translation of Friedman's book was published by Newmag Publishers at the initiative of Ardshinbank. The editor-in-chief is Doctor of Economics, Professor, Academician of the National Academy of Sciences of Armenia Yuri Suvaryan, the translator is Liana Zakaryan.

As Zakaryan mentioned, the book explains complicated economic phenomena in a simple language. For example, according to Milton Friedman, capitalism is a voluntary exchange of goods resulting in public goods and freedom is an opportunity to do anything if it does not conflict with the rights of others.

"After reading the book-whether you agree with the ideas presented in it or deny them-it is simply impossible not to reflect on them," she said.
According to Artak Ananyan, chairman of the Management Board of Ardshinbank, the aim of translating the book was, among other things, to enable those generations who study the principles of economics and specialize in the field to have the opportunity to study it in Armenian and form their own opinions and perspectives.

In turn, member of the Management Board, Financial Director of Ardshinbank David Sargsyan said that today in the Armenian society, in its various sections there is an increasing question which system is the basis of our economy, that despite all the disasters, it has not collapsed, but on the contrary, even is registering growth.

"Present in this room today are the people who, over the past 30 years, have created our country's economic system. As representatives of academic circles, practical economy, public  administration or from economists and journalists communities which form public opinion you all, I am sure, realize that there is one answer: there is an economic system which is based on private initiative and right motivation," he stressed.

According to him, time has proved that the created economic system turned out to be much more durable and progressive than anyone could have supposed.

Milton Friedman is a prominent American economist and the founder of monetarism. He is considered the most influential economist since World War II. He was an adviser to U.S. President Ronald Reagan and British Prime Minister Margaret Thatcher. Friedman's ideas changed the world; the theses he proposed have been called revolutionary.

In his work he defends voluntary military service, floating exchange rates, abolition of medical licenses, introduction  of negative income tax and school (education) vouchers.